Formula E To Announce Swiss Tech Firm ABB As Title Sponsor (Update)

New ABB-Formula E logo

UPDATE This rumor is upgraded to 'fact' today. Formula E is teaming-up with ABB in a ground-breaking new collaboration as the title partner of the ABB FIA Formula E Championship and putting its name to the electric street racing series.

The exciting new multi-year partnership is a first of its kind for Formula E and the first time an FIA-sanctioned single-seater championship has had a title sponsor, emphasizing again the position of Formula E as a key place to be for forward-thinking brands and manufacturers.

The announcement was made today in front of special guests and media at the Saatchi Gallery in London – where Alejandro Agag, Founder & CEO of Formula E, was joined by Ulrich Spiesshofer, ABB CEO, to reveal the new brand identity and the fully-electric Formula E car with updated livery.

Formula E and ABB share the same vision of a future where electric mobility is the preferred form of transportation. Both companies are at the forefront of the Energy Revolution – Formula E with electric motorsport and the increased uptake of electric vehicles worldwide, and ABB helping its customers in utility, industry, transport and infrastructure to realize the benefits of industrial digitalization.

Alejandro Agag, Founder & CEO of Formula E, said: “This is a historic day for Formula E and I’m honored to welcome ABB as the title partner of the series, with its background and expertise in the field of electrification and digital technologies. Our two companies are synonymous with pushing the boundaries of what is possible. Together, as partners, we will showcase break-through technology on a global scale to fans and consumers who follow the ABB FIA Formula E Championship."

“We are extremely excited to partner with Formula E in writing the future of e-mobility," said ABB CEO Ulrich Spiesshofer. “Today, two pioneers are uniting. ABB and Formula E are a natural fit at the forefront of the latest electrification and digital technologies. Together, we will write the next phase of this exciting sports activity and foster high-performance teams. Together, we will write the future – one electrifying race at a time."

FIA President Jean Todt said: “Formula E continues to grow and in addition to its sporting and technical success, the tremendous level of excitement surrounding this new FIA discipline is tangible. Today’s ABB announcement as the title partner is a strong sign and proof of the attractiveness of this championship, which is still in its infancy. The mobilization of major economic powers around the pillars of this discipline – new technologies, electric mobility and sustainable development – is a very good sign, and something to be excited about. This contributes to the development and expansion of Formula E."

01/07/18 Formula E will this week "unveil the biggest sponsorship deal in its history" through a tie-up with Swiss industrial technology firm ABB, according to Mark Kleinman of SKY. ‎

ABB, which is headquartered in Zurich, "struck an agreement that is expected to see it becoming the title sponsor of the Formula E championship."

The deal will be unveiled in London ahead of the first race of '18, which is scheduled to take place in Marrakesh, Morocco, next weekend. ABB's involvement will "add to growing evidence" that Formula E entered the "premier ranks" of int'l motorsport, as electric vehicle adoption "gains momentum in a number of the world's most important automotive markets."

The value of the ABB deal was "unclear," although one analyst suggested that "it could be worth in the region of" $15M annually to the sport.

One source said that ABB has a "major presence" in vehicle electrification, from large power grids to electric car-charging points, making the Formula E deal "attractive" to the company's execs. SKY